Waukesha-based Generac Holdings Inc. has acquired Vancouver-based Neurio Technology Inc. to bolster its efforts to add connectivity offerings to its products.
Founded in 2005, Neurio is an energy data company that provides metering and analytics hardware and software offerings. The company has around 40 employees and will continue to be based in Vancouver, according to Russ Minick, chief marketing officer of Generac.
Additional terms of the deal were not disclosed.
“The addition of Neurio’s data expertise, devices and advanced technologies will help us strengthen our home energy management capabilities and accelerate our efforts around connectivity and remote monitoring,” Minick said.
Generac announced earlier this year that it would add connectivity as a pillar of its strategic plan. Aaron Jagdfeld, chief executive officer of Generac, specifically mentioned the possibility of home energy monitoring as an area the company would like to explore.
“The combination of Neurio’s intelligent energy management technology with Generac’s products, distribution, and market creation capabilities will create tremendous opportunities in how energy is used and managed in a home,” said Keith Marett, CEO of Neurio
Minick said Neurio’s products essentially clamp into the load center of a house and are able to sense energy usage down to the appliance level. The energy usage information can then be used to reduce the amount of electricity that homeowners use. Minick said many people save around 20 percent on their electricity bill by using the product.
He added that one Generac engineer testing the product discovered motion-sensing lights on his out building were malfunctioning while Jagdfeld discovered his pool heater was not running properly.
Generac originally approached Neurio with the idea of having the company build a Generac-branded version of its products, Minick said. After some discussions, it made sense for the generator manufacturer to acquire Neurio. He said Generac also looked at a number of other companies with similar offerings.
“We felt that they had the best technology and the best developed business,”Minick said.
The plan is to incorporate Neurio into Generac products like the home standby generator while also selling a standalone version.
Minick said companies like Neurio often have strengths when it comes to developing technology but struggle with going to market and distribution. He said the acquisition will allow Neurio to benefit from Generac’s network of around 6,000 dealers to reach a wider set of potential customers.
